Mid-Day Gold & Silver Market Report – 2/4/2013
GOLD UP SLIGHTLY WHILE S&P REALIZES LARGEST DIP OF 2013
The Gold price is trickling up today, though recent U.S. economic recovery data has temporarily stalled the climb of the yellow metal. The Gold price has remained trapped in a tight range over the last several weeks. Chen Min, an analyst at Jinrui Futures, said, “Unless we see surprisingly good news for Gold, it will be trapped in a narrow range of roughly $1,660 and $1,680 an ounce.” However, the positive outlook of the U.S. economy has increased the desire for industrial metals Platinum and Palladium as increased automobile sales will ramp up the production of catalytic converters.
The S&P 500 had its largest decrease of the year following news of weaker-than-expected American factory orders and a continued amplification of the European debt crisis. “There’s some profit-taking happening,” Matthew Swaim, a fund manager at Chicago-based Advisory Research Inc., said. “People are drawing a corollary to the last couple years where in the spring Europe started taking the limelight again and that caused a drop in our markets.” Investors will wait to see if intensifying circumstances in the eurozone will have a positive or negative impact on equities markets and the price of Precious Metals.
At 1 p.m. (EST), the APMEX Precious Metals spot prices were:
- Gold, $1,665.80, Up $4.00
- Silver, $31.72, Down $0.28
- Platinum, $1,697.50, Up $9.80
- Palladium, $757.20, Down $.20
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